ICON (ICX) Analysis – This should end up with an upswing

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Now time for a debutante in my analytical work – ICON. The target for the ICON Project is to build a decentralized network which will allow independent blockchains to interact with one another without intermediaries. History of the price swings of the ICX are typical for the cryptomarket. We do have a huge rise at the every beginning. Bonanza in December and January and after that a huge drop, which erased vast majority of the profits. The last stage is a slow recovery, which is characteristic for most of the coins on the market.

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The current sentiment on the ICX is very positive. What we have here is the price being in a sideways trend but in the same time in a pennant formation (pink lines), which is a trend continuation pattern. The pennant is created after an upswing, which promotes the further rise. In addition to that, we are above mid-term horizontal support on the 4 USD (green), which is with us since the end of March.

Taking all that into the consideration, we do have a buy signal. This will be on as long as we stay above the 4USD. Comeback below that level will trigger the sell signal but is currently less likely to happen.